U.S. is the biggest recipient of Chinese loans, study shows

The United States is the biggest recipient of China‘s lending activities globally, according to a study which tracked Beijing’s credit activities and found it is increasingly lending to higher-income countries over developing countries.

HONG KONG — The United States is the biggest recipient of China’s lending activities globally, according to a study that tracked Beijing’s credit activities and found it is increasingly lending to higher-income countries over developing countries.

The report, published on Tuesday by AidData, a research lab at U.S. university William & Mary, said China’s lending and grant giving totaled $2.2 trillion across 200 countries in every region of the world from 2000 to 2023.

China has long been seen as a creditor to developing countries through its Belt and Road initiative, but is shifting toward lending to advanced economies — backing strategic infrastructure and high‑tech supply chains in areas such as semiconductors, artificial intelligence and clean energy.

Beijing’s portfolio size is two to four times larger than previous estimates suggested, AidData said, adding that China remains the world’s largest official creditor.

More than three-quarters of China’s overseas lending operations now support projects and activities in upper-middle-income countries and high-income countries.